Well, actually, kinda, yeah, close to what happened. It's not for nothing that Jack Dorsey, who started the place and was on its board, basically ran away when the trans folks and furries scared off all the crypto bros he assumed would be the natural demographic here (they went to Nostr instead).
jackBluesky often seems like a project run by tech people who place great value on its architectural differences from Twitter, which nobody cares about, while not understanding how they walked ass-backwards into having a userbase (whomst they fear and despise)